Today is Thursday, June 29, 2023.
The Early Bird Index today is 56.58.
New to this newsletter? Sign up here.
Micron's "Significant Headwind"
Micron Technology (Nasdaq: MU) reported mixed financial results on Wednesday, sending shares up 3.01% in after-hours trading.
Financials: Micron reported a loss of $1.43 per share in the past quarter and revenue of $3.75 billion; both were better than expected.
Details: The company forecasts higher revenue in the current quarter and expects margins to improve as the industry's supply-demand balance is gradually restored.
But: Micron also said that the recent decision regarding the Cyberspace Administration of China “is a significant headwind that is impacting our outlook and slowing our recovery.”
Stock Price: Micron’s stock is up 33% this year, but down 6% in the last 30 days.
Final Thoughts: Overall, Micron is in a better place now when compared to last year. But the company’s decision to be so heavily invested in China could be a problem.
Notable Earnings Today: Nike (NYSE: NKE), Paychex (Nasdaq: PAYX), Rite Aid (NYSE: RAD), Progress Software (Nasdaq: PRGS), McCormick (NYSE: MKC), Accolade (Nasdaq: ACCD), Greenbrier (NYSE: GBX), SMART Global (Nasdaq: SGH), Acuity Brands (NYSE: AYI), Mitek (Nasdaq: MITK), MSC Industrial (NYSE: MSM), Simply Good Foods (Nasdaq: SMPL), Lindsay (NYSE: LNN).
Notable IPOs Today: Kodiak Gas Services, Inc. (NYSE: KGS), Savers Value Village, Inc. (NYSE: SVV), Fidelis Insurance Holdings Limited (NYSE: FIHL), iShares iBonds Dec 2033 Term Treasury ETF (Nasdaq: IBTO), American Century ETF Trust (NYSE Arca: AVNV), Natixis ETF Trust II (NYSE Arca: LSGR).
Notable Equity Crowdfunding Campaigns Ending Today: Drink Monday (StartEngine), Atakama (Wefunder), AtomBeam (StartEngine), VanLab (StartEngine), Tomu (StartEngine), Sandinista Tequila (StartEngine), Sazmining (StartEngine).
Notable Economic Events Today: GDP (8:30 a.m. ET), Jobless Claims (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET).
BlackBerry Hits Profitability
Photo by Randy Lu / Unsplash
Shares of BlackBerry (Nasdaq: BB) surged by 11.78% in after-hours trading on Wednesday after the company posted good financial results.
Financials: BlackBerry reported earnings of 6 cents per share in the past quarter and revenue of $373 million; both were better than expected.
Details: Revenue doubled since the previous quarter as BlackBerry experienced growth in its cybersecurity business.
But: There were still some hiccups, particularly with delays in the IoT business.
Stock Price: Shares of BlackBerry are up 51% this year, but are down 3% in the last 30 days.
Final Thoughts: BlackBerry is no longer a meme stock. These results suggest that the financials are in better shape than expected.
All Banks Pass Stress Test
All 23 banks in the U.S. passed the Federal Reserve’s stress test on Wednesday.
Stock Prices: As a result, stocks for banks ticked up in after-hours trading.
Final Thoughts: Banks are not out of the woods yet, especially with several of them closing shop this year. But these results should make investors feel better.
Digital Asset Investor (Sponsored)
Richard Patey breaks down the top news & opportunities in online business, domains & NFTs, to help you become a better digital asset investor.Subscribe Here
Trends to Watch
Have a Nice Pay: Visa acquires Brazilian fintech startup Pismo in $1B blockbuster deal (TechCrunch)
Bad and Really Bad: Bitcoin Drops Below $30K as Altcoins Tumble; BTC Dominance Reaches 26-Month High (CoinDesk)
Nonstop: Wall Street shares waver as central bankers warn of more rate rises (Financial Times)
Jumping on the Bandwagon: AI Fervor Sweeps Up BlackRock — and Everyone Else (Bloomberg)
Act II: FTX Begins Talks on Reboot Amid Regulatory Crackdown on Crypto Exchanges (The Wall Street Journal)
Thank you for reading!
Forward to a friend and tell them to sign up here.
Want more investing tips? Listen to the podcast.
Show Your Support: Buy Me a Coffee.
Questions or comments? Hit reply to reach out.